WEEKLY UPDATE - 06 MAY 2022
What Happened In Crypto This Week
Dear Moon Birdies,
This week in crypto, inflation and the US government combine to drive Bitcoin price down. TRON launches a stablecoin to rival TerraUSD, a new Metaverse project makes $320Mwhile almost crashing the Ethereum network, and Algorand is taking blockchain to the World Cup. We also explore why Anchor Protocol is up 21% this week, and how you can maximize the earning opportunities provided by DeFi – even during a downtrend.
TRON launches stablecoin, pumps 21%
A couple of weeks ago, TRON appeared on our list of Top Gainers after announcing that it would release a stablecoin. This week, the stablecoin – USDD – was finally released and TRON’s token saw a 21% increase as a result. At a period when most other cryptocurrencies were down, TRX provided investors with some upside action.
TRON’s stablecoin is similar to Terra’s UST in many ways, and the project has said it will set up a reserve of $10B in crypto to back USDD (like Luna is doing for UST). This also represents good news for BTC because it means more demand in the future. Now, a date to keep an eye on is the 21st of April, when the USDD coin will be available on Ethereum and BNB chain – if you missed out on this pump, there may be another opportunity around that period.
Anchor Protocol up 20% as more investors seek safe haven
Yuga Labs makes history with Otherdeed launch
Over the weekend, Yuga Labs, the creator of Bored Ape Yacht Club and owner of the most expensive NFT collections launched a new Metaverse-related project. This new venture involved selling 55,000 blocks of land in its virtual world, called Otherside. During the minting process, demand was so high that it caused a spike in gas fees on the Ethereum network.
All-in-all, Yuga raked in over $320M – making it the biggest NFT release so far. Sadly, some users could not mint successfully because of the increased gas fees and network congestion. But in a sign of good faith, Yuga Labs refunded those whose transactions failed but lost ETH during the process.
Algorand FIFA partnership sparks 28% rally
Algorand is a fast-growing smart contract builder and decentralized application infrastructure. During the week, the project became the first US-based blockchain company to be named as a FIFA World Cup sponsor. The news sparked a 28% rise in the price of its token, ALGO. Afterward, there was a slight retracement, but ALGO seems on track to end this week on a high.
In recent weeks, Algorand has intensified efforts to expand its network and integrate NFT and DeFi platforms. As a matter of fact, it recently announced a new blockchain card game and a real estate tokenization project. The World Cup is billed to start in November 2022; expect Algorand to scale up marketing during the competition and be ready to take advantage of that.
Getting Started With Decentralized Finance
The DeFi space is one of the fastest-growing in crypto, and the platforms introduce a new dimension to wealth creation. From investing to yield farming, liquidity mining, and crypto indexes, decentralized finance provides several opportunities to earn significant returns in the crypto industry. And you can learn all about it in this Moon Birdie class.
Gucci will accept crypto in five US stores
South Korea’s new president suspend crypto taxes
90% of central banks are exploring digital currencies
Block generates $1.7B sales via CashApp
Digital payment company, Block, reports Bitcoin sales of over $1.7B via CashApp during 2022’s first quarter. These sales generated a gross profit of over $43M for the company over the same period. Earlier this year, Cash App integrated Lightning Network, a layer 2 solution that speeds up BTC transactions and reduces fees significantly.
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